HomeFinancial MarketsLoan Costs Highest They've Been in 6 Years

Loan Costs Highest They’ve Been in 6 Years

Due to the growing cost of living, it’s been a lot harder for citizens to acquire personal loans. The cost for taking out loans has slowly but surely reached an extreme high, more expensive than it’s been for six years.

To get into the cold hard number, the average rate for a loan worth £10,000 ($11,917) is 4.11%, a rate that we haven’t seen since way back in August of 2016.

David Hendry, who works as CMO for Freedom Finance, had this to say about the whopping changes: “The latest consumer credit data paints a gloomy picture with the cost of borrowing continuing to increase as inflation spikes and the Bank continues to hike interest rates.”

He went on to add that if these rates continue to rise in the near future, borrowers may have the opportunity to lock in rates for consumer credit products. But this would only be in specific circumstances.

Another interest uptick in numbers were in the realm of average credit card rates, which soared up to 21.43%. This is the highest credit rates have been since 1998, further symbolizing the rapidly changing market. In any case, finance experts are on the scene, ready to advise at every step of the way.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...